By Andres Guerra Luz (Bloomberg) --Oil weakened as economies from the U.S. to Asia signaled a deepening demand fallout from the coronavirus pandemic. China’s cooling oil consumption hurt prices for Iraqi crude, while derivatives that help value North Sea grades showed renewed weakness. In the U.S., jobless claims rose last week for the first time since March and in South … [Read more...]
Top Oil Pricing Agencies Launch New U.S. Crude Benchmarks
By Julia Payne and Devika Krishna Kumar LONDON/NEW YORK, June 25 (Reuters) - After U.S. crude futures took an historic plunge into negative territory in April, the two top oil price reporting agencies said on Thursday they will start new benchmarks reflecting the price of Gulf Coast-traded crude on tankers, a break from the old landlocked system. The two agencies are … [Read more...]
Venezuelan Oil Cargoes Hidden En Route to China, Bypassing Sanctions
By Luc Cohen and Marianna Parraga CARACAS/MEXICO CITY, June 12(Reuters) - Last year, China replaced the United States as the No. 1 importer of oil from Venezuela, yet another front in the heated rivalry between Washington and Beijing. The United States had imposed sanctions on Venezuela's state-owned oil company as part of a bid to topple that country's socialist president, … [Read more...]
Oil Plummets With Economic Jitters Surging Through Markets
By Hailey Waller and Alex Longley (Bloomberg) --Crude futures plunged by the most since late April a day after the Federal Reserve provided a gloomy outlook for the U.S. economy. The slide threatens to spoil crude’s recovery from a historic drop below zero in April. Federal Reserve Chairman Jerome Powell said Wednesday that the coronavirus continues to pose considerable … [Read more...]
Oil Crisis Shows Richest Nordic Country Remains a Crude Addict
By Lars Erik Taraldsen and Mikael Holter (Bloomberg) --Norway has been talking for years about weaning itself off oil, but the Covid-19 crisis has revealed how far it has left to go. Norwegian politicians this week sweetened a package that will delay more than $10 billion in taxes for oil companies and make projects more profitable after even the country’s industry-friendly … [Read more...]